11. In each of the following cases, discuss how you, as a portfolio manager, could use financial futures to protect a portfolio.

1. You own a large position in a relatively illiquid bond that you want to sell.
2. You have a large gain on one of your long Treasuries and want to sell it, but you would like to defer the gain until the next accounting period, which begins in four weeks.
3. You will receive a large contribution next month that you hope to invest in long-term corporate bonds on a yield basis as favorable as is now available.